Core Viewpoint - The establishment of the "Hefei Jinghui Chuangxin Investment Fund" with a scale of 300 million yuan focuses on investing in core areas of the semiconductor industry chain, including chip manufacturing, packaging testing, and key materials [1]. Group 1: Fund Details - The fund was officially established in July, with contributions from three listed companies: Jinghe Integrated, Huicheng Co., and Guanggang Gas, with Jinghe Integrated contributing 200 million yuan, accounting for 66.7% of the fund [1]. - The fund management is handled by "Hefei Jinghe Huixin," a joint venture established by Jinghe Integrated and Huicheng Co. last year [1]. Group 2: Contributor Background - Jinghe Integrated is the third-largest wafer foundry in China, with revenue growth from 230 million yuan in 2018 to 10 billion yuan in 2022, and it went public on the Sci-Tech Innovation Board in 2023 with a valuation of 40 billion yuan [3]. - Huicheng Co. is a leading enterprise in display driver chip packaging and has achieved mass production of 12-inch wafer gold bumps, also listed on the Sci-Tech Innovation Board [3]. - Guanggang Gas is the largest supplier of high-purity electronic gases in China, with a market share of 15.3% in the electronic bulk gas market [3]. Group 3: Investment Landscape - Hefei has cultivated semiconductor companies like Changxin Storage and Jinghe Integrated through a model of "state-owned capital leading + precise investment," which has transformed these companies into "industrial investors" that support the industry chain ecosystem [4]. - The local government has invested in over 80 new generation information technology companies through a "leading CVC + government fund" model, with plans to promote projects like high-end photomasks by 2025 [5]. - Recent statistics indicate that over 40% of early-stage investments in the semiconductor sector in China will come from industrial capital by 2025, an increase of 22 percentage points compared to three years ago [6].

Core Viewpoint - Hefei is intensifying its efforts in the semiconductor sector with the establishment of the "Hefei Jinghui Chuangxin Investment Fund," which has a scale of 300 million RMB, backed by three publicly listed companies in the semiconductor industry [4][10]. Group 1: Fund Establishment and Structure - The "Hefei Jinghui Chuangxin Investment Fund" was jointly established by three companies: Jinghe Integrated Circuit, Huicheng Co., and Guanggang Gas, with a total market capitalization of approximately 60 billion RMB [4][5]. - Jinghe Integrated Circuit contributed 200 million RMB, while Huicheng Co. and Guanggang Gas each contributed 50 million RMB [5]. - The fund is managed by "Hefei Jinghe Huixin," a private equity investment institution formed by a partnership between Jinghe Integrated Circuit and Huicheng Co. [4][8]. Group 2: Industry Context and Trends - The establishment of this fund reflects a growing trend of corporate venture capital (CVC) in the primary market, indicating that industry giants are increasingly participating in equity investment [6][11]. - Hefei's industrial ecosystem is evolving, with local industry leaders like Changxin Storage and Chery Automobile becoming key players in the investment landscape [4][12]. - The fund's creation is part of a broader initiative by Anhui province to promote investment in emerging industries, including artificial intelligence, new energy vehicles, and semiconductors [12][13]. Group 3: Company Profiles - Jinghe Integrated Circuit is the third-largest wafer foundry in China and the largest in Hefei, achieving a revenue increase from 230 million RMB in 2018 to over 10 billion RMB in 2022, culminating in a 40 billion RMB valuation upon its IPO in 2023 [7][8]. - Huicheng Co. specializes in advanced packaging for display driver chips and became the first domestic company to achieve mass production of 12-inch wafer gold bump packaging [8][10]. - Guanggang Gas is the largest supplier of high-purity electronic gases in China, holding a 15.3% market share in the electronic gas sector as of 2024 [10][11]. Group 4: Investment Strategy and Impact - The fund aims to leverage the expertise and resources of its founding companies to identify and invest in promising startups within the semiconductor industry [10][12]. - The establishment of this fund is indicative of a strategic shift in Anhui's investment landscape, where local industry leaders are expected to play a significant role in nurturing and supporting the growth of the regional startup ecosystem [12][14].